Enterprise Financial Services Corp Reports Second Quarter 2025 Results

Second Quarter Results Net income of $51.4 million, or $1.36 per diluted common share, compared to $1.31 in the linked quarter and $1.19 in the prior year quarter Net interest margin (“NIM”) of 4.21%, quarterly increase of 6 basis points Net interest income of $152.8 million, quarterly increase of $5.2 million Total loans of $11.4 billion, quarterly increase of $110.1 million Total deposits of $13.3 billion, quarterly increase of $283.1 million Return on average assets (“ROAA”) of 1.30% in the current and linked quarters, compared to 1.25% in the prior year quarter Return on average tangible common equity (“ROATCE”)1 of 13.84%, compared to 14.02% and 13.77% in the linked and prior year quarters, respectively Tangible common equity to tangible assets1 of 9.42%, an increase of 12 basis points and 23 basis points from the linked and prior year quarters, respectively Tangible book value per common share1 of $40.02, annualized quarterly increase of 15% Quarterly dividend increased $0.01 to $0.31 per common share for the third quarter 2025 Enterprise Financial Services Corp (Nasdaq: EFSC) (the “Company” or “EFSC”), today announced financial results for the second quarter of 2025. “Our second quarter results demonstrated expansion in net interest income and net interest margin, continuing the strong start to 2025,” said Jim Lally, President and Chief Executive Officer. “Loan growth spanned the portfolio and geographic regions and displayed the strength of our diversified business. We successfully scaled the balance sheet and deployed liquidity to drive a 1.30% ROAA and a 13.84% ROATCE. Notably, tangible book value per share has increased over 14% in the past year.” Highlights Earnings - Net income in the second quarter 2025 was $51.4 million, an increase of $1.4 million and $5.9 million compared to the linked and prior year quarters, respectively. Earnings per diluted common share for the second quarter 2025 was $1.36, compared to $1.31 and $1.19 for the linked and prior year quarters, respectively. Adjusted diluted earnings per share 1 was $1.37 in the second quarter 2025, compared to $1.31 and $1.21 in the linked and prior year quarters, respectively.Pre-provision net revenue (“PPNR”)1 - PPNR of $68.1 million in the second quarter 2025 increased $2.0 million and $4.9 million from the linked and prior year quarters, respectively. The increase from the linked and prior year quarters was primarily due to an increase in net interest income from organic loan growth, continued investment in the securities portfolio and proactive management of the cost of deposits, partially offset by an increase in noninterest expense.Net interest income and NIM - Net interest income of $152.8 million for the second quarter 2025 increased $5.2 million and $12.2 million from the linked and prior year quarters, respectively. Net interest income for the second quarter 2025 increased from the linked and prior year quarters primarily due to higher average loan and securities balances and yields, as well as lower short-term interest rates that decreased deposit interest expense. NIM was 4.21% for the second quarter 2025, compared to 4.15% and 4.19% for the linked and prior year quarters, respectively. The total cost of deposits of 1.82% for the second quarter 2025 decreased one basis point and 34 basis points from the linked and prior year quarters, respectively.Noninterest income - Noninterest income of $20.6 million for the second quarter 2025 increased $2.1 million and $5.1 million from the linked and prior year quarters, respectively. The increase in noninterest income from the linked and prior year quarters was primarily due to higher BOLI income and community development investment income. The Company also sold $24.4 million of SBA guaranteed loans during the quarter for a gain of $1.2 million.Noninterest expense - Noninterest expense of $105.7 million for the second quarter 2025 increased $5.9 million and $11.7 million from the linked and prior year quarters, respectively. The increase from the linked and prior year quarters was primarily driven by higher employee compensation, variable deposit costs and higher loan and legal expenses related to loan workouts and other real estate owned (“OREO”).Loans - Loans totaled $11.4 billion at June 30, 2025, an increase of $110.1 million, or 4% on an annualized basis, from the linked quarter, and $408.8 million from the prior year quarter. Average loans totaled $11.4 billion, compared to $11.2 billion and $11.0 billion for the linked and prior year quarters, respectively.Asset quality - The allowance for credit losses to total loans was 1.27% at June 30, 2025, March 31, 2025 and June 30, 2024. The provision for credit losses in the second quarter 2025 was $3.5 million, compared to $5.2 million and $4.8 million for the linked and prior year quarters, respectively. The ratio of nonperforming assets to total assets was 0.71% at June 30, 2025, compared to 0.72% and 0.33% at March 31, 2025 and June 30, 2024, respectively.Deposits - Deposits totaled $13.3 billion at June 30, 2025, an increase of $283.1 million and $1.0 billion from the linked and prior year quarters, respectively. Excluding brokered certificates of deposits, deposits increased $72.9 million and $777.4 million from the linked and prior year quarters, respectively. Average deposits were $13.2 billion, $13.1 billion and $12.3 billion for the current, linked and prior year quarters, respectively. At June 30, 2025, noninterest-bearing deposit accounts totaled $4.3 billion, or 32% of total deposits, and the loan to deposit ratio was 86%.Capital - Total stockholders’ equity was $1.9 billion and the tangible common equity to tangible assets ratio 2 was 9.42% at June 30, 2025, compared to 9.30% at March 31, 2025. Enterprise Bank & Trust remains “well-capitalized,” with a common equity tier 1 ratio of 12.5% and a total risk-based capital ratio of 13.6% at June 30, 2025. The Company’s common equity tier 1 ratio and total risk-based capital ratio were 11.9% and 14.7%, respectively, at June 30, 2025. The Company’s Board of Directors (the “Board”) approved a quarterly dividend of $0.31 per share of common stock, payable on September 30, 2025 to stockholders of record as of September 15, 2025. The Board also declared a cash dividend of $12.50 per share of Series A Preferred Stock (or $0.3125 per depositary share) representing a 5% per annum rate for the period commencing (and including) June 15, 2025 to (but excluding) September 15, 2025. The dividend will be payable on September 15, 2025 to holders of record of Series A Preferred Stock as of August 29, 2025. ____________________ 1 ROATCE, tangible common equity to tangible assets, tangible book value per common share, adjusted diluted earnings per share and PPNR are non-GAAP measures. Please refer to discussion and reconciliation of these measures in the accompanying financial tables. 2 Tangible common equity to tangible assets ratio is a non-GAAP measure. Please refer to discussion and reconciliation of this measure in the accompanying financial tables. Net Interest Income and NIM Average Balance Sheets The following table presents, for the periods indicated, certain information related to the average interest-earning assets and interest-bearing liabilities, as well as the corresponding average interest rates earned and paid, all on a tax-equivalent basis. Quarter ended June 30, 2025 March 31, 2025 June 30, 2024 ($ in thousands) Average Balance Interest Income/ Expense Average Yield/ Rate Average Balance Interest Income/ Expense Average Yield/ Rate Average Balance Interest Income/ Expense Average Yield/ Rate Assets Interest-earning assets: Loans1, 2 $ 11,358,209 $ 188,007 6.64 % $ 11,240,806 $ 182,039 6.57 % $ 10,962,488 $ 189,346 6.95 % Securities2 3,149,010 30,330 3.86 2,930,912 27,092 3.75 2,396,519 19,956 3.35 Interest-earning deposits 315,738 3,368 4.28 479,136 5,124 4.34 325,452 4,389 5.42 Total interest-earning assets 14,822,957 221,705 6.00 14,650,854 214,255 5.93 13,684,459 213,691 6.28 Noninterest-earning assets 1,036,764 992,145 961,922 Total assets $ 15,859,721 $ 15,642,999 $ 14,646,381 Liabilities and Stockholders’ Equity Interest-bearing liabilities: Interest-bearing demand accounts $ 3,225,611 $ 17,152 2.13 % $ 3,167,428 $ 17,056 2.18 % $ 2,950,827 $ 18,801 2.56 % Money market accounts 3,660,053 28,437 3.12 3,601,535 28,505 3.21 3,434,712 31,926 3.74 Savings accounts 532,754 183 0.14 534,512 189 0.14 573,115 335 0.24 Certificates of deposit 1,486,522 14,207 3.83 1,374,693 13,516 3.99 1,412,263 15,312 4.36 Total interest-bearing deposits 8,904,940 59,979 2.70 8,678,168 59,266 2.77 8,370,917 66,374 3.19 Subordinated debentures and notes 156,753 2,737 7.00 156,615 2,562 6.63 156,188 2,684 6.91 FHLB advances 156,868 1,801 4.61 25,300 287 4.60 40,308 561 5.60 Securities sold under agreements to repurchase 209,493 1,592 3.05 263,608 2,017 3.10 158,969 1,401 3.54 Other borrowings 36,208 96 1.06 39,535 132 1.35 36,203 95 1.06 Total interest-bearing liabilities 9,464,262 66,205 2.81 9,163,226 64,264 2.84 8,762,585 71,115 3.26 Noninterest-bearing liabilities: Demand deposits 4,340,301 4,463,388 3,973,336 Other liabilities 149,069 153,113 162,220 Total liabilities 13,953,632 13,779,727 12,898,141 Stockholders' equity 1,906,089 1,863,272 1,748,240 Total liabilities and stockholders' equity $ 15,859,721 $ 15,642,999 $ 14,646,381 Total net interest income $ 155,500 $ 149,991 $ 142,576 Net interest margin 4.21 % 4.15 % 4.19 % 1 Average balances include nonaccrual loans. Interest income includes net loan fees of $1.8 million, $1.6 million, and $2.2 million for each of the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. 2 Non-taxable income is presented on a fully tax-equivalent basis using a tax rate of approximately 25%. The tax-equivalent adjustments were $2.7 million, $2.5 million, and $2.1 million for each of the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. Net interest income of $152.8 million for the second quarter 2025 increased $5.2 million and $12.2 million from the linked and prior year quarters, respectively. Net interest income on a tax equivalent basis was $155.5 million, $150.0 million and $142.6 million for the current, linked and prior year quarters, respectively. The increase from the linked and prior year quarters reflects organic loan growth and continued investment in the securities portfolio, partially offset by an increase in wholesale borrowings (FHLB advances and brokered certificates of deposits). Net interest income for the current quarter also benefited by one additional day compared to the linked quarter. On June 1, 2025, $63.3 million of subordinated debt converted from a fixed 5.75% rate to a floating rate of three-month term SOFR plus a spread of 5.66%, resulting in a higher rate incurred for one month. The subordinated debt also became callable on each quarterly interest payment date. The cost of interest-bearing deposits has declined due to lower short-term rates, partially offset by an increase in deposit balances. Since September 2024, the Federal Reserve has reduced the federal funds target rate 100 basis points. In response, the Company has proactively adjusted deposit pricing to partially mitigate the impact on income from the repricing of variable rate loans. Interest income for the second quarter 2025 increased $7.2 million primarily due to an increase of $117.4 million in average loan balances and a seven basis point increase in the average loan yield. The average securities balance increased $218.1 million and the yield increased 11 basis points due to new purchases and the reinvestment of cash flows from the runoff of lower yielding investments. The average interest rate of new loan originations in the second quarter 2025 was 7.26%, an increase of 14 basis points from the linked quarter. Investment purchases in the second quarter 2025 had a weighted average, tax equivalent yield of 5.30%. Interest expense in the second quarter 2025 increased $1.9 million primarily due to higher organic growth in deposits, an increase in wholesale borrowings and the higher rate incurred on subordinated debt for one month in the quarter. These increases were partially offset by a decline in the average balance of customer repurchase agreements. The total cost of deposits, including noninterest-bearing demand accounts, was 1.82% during the second quarter 2025, compared to 1.83% in the linked quarter. NIM, on a tax equivalent basis, was 4.21% in the second quarter 2025, an increase of six basis points and two basis points from the linked and prior year quarters, respectively. For the month of June 2025, the loan portfolio yield was 6.64% and the cost of total deposits was 1.81%. Investments At June 30, 2025 March 31, 2025 June 30, 2024 ($ in thousands) Carrying Value Net Unrealized Loss Carrying Value Net Unrealized Loss Carrying Value Net Unrealized Loss Available-for-sale (AFS) $ 2,204,511 $ (131,094 ) $ 1,990,068 $ (146,184 ) $ 1,615,930 $ (172,734 ) Held-to-maturity (HTM) 1,091,238 (75,144 ) 1,034,282 (74,228 ) 772,648 (69,442 ) Total $ 3,295,749 $ (206,238 ) $ 3,024,350 $ (220,412 ) $ 2,388,578 $ (242,176 ) Investment securities totaled $3.3 billion at June 30, 2025, an increase of $271.4 million from the linked quarter. The tangible common equity to tangible assets ratio adjusted for unrealized losses on HTM securities3 was 9.06% at June 30, 2025, compared to 8.94% at March 31, 2025. ____________________ 3 The tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities is a non-GAAP measure. Refer to discussion and reconciliation of this measure in the accompanying financial tables. Loans The following table presents total loans for the most recent five quarters: At ($ in thousands) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 C&I $ 2,316,609 $ 2,198,802 $ 2,139,032 $ 2,145,286 $ 2,107,097 CRE investor owned 2,547,859 2,487,375 2,405,356 2,346,575 2,308,926 CRE owner occupied 1,281,572 1,292,162 1,305,025 1,322,714 1,313,742 SBA loans* 1,249,225 1,283,067 1,298,007 1,272,679 1,269,145 Sponsor finance* 771,280 784,017 782,722 819,079 865,883 Life insurance premium financing* 1,155,623 1,149,119 1,114,299 1,030,273 996,154 Tax credits* 708,401 677,434 760,229 724,441 738,249 Residential real estate 356,722 357,615 350,640 346,460 339,889 Construction and land development 773,122 800,985 794,240 796,586 791,780 Other 248,427 268,187 270,805 275,799 269,142 Total loans $ 11,408,840 $ 11,298,763 $ 11,220,355 $ 11,079,892 $ 11,000,007 Quarterly loan yield 6.64 % 6.57 % 6.73 % 6.95 % 6.95 % Loans by rate type (to total loans): Fixed 40 % 39 % 40 % 39 % 39 % Variable: 60 % 61 % 60 % 61 % 61 % SOFR 29 % 29 % 28 % 28 % 28 % Prime 24 % 24 % 24 % 25 % 25 % Other 7 % 8 % 8 % 8 % 8 % Variable rate loans to total loans, adjusted for interest rate hedges 56 % 56 % 55 % 57 % 57 % *Specialty loan category Loans totaled $11.4 billion at June 30, 2025, an increase of $110.1 million compared to the linked quarter. Loan production in the quarter outpaced repayment activity with loan volume of $875.5 million compared to repayment and sale activity of $765.4 million. Loan originations and advances were strongest in the C&I portfolio in the current quarter. Loan sales of $24.4 million mitigated growth in the SBA category during the current quarter. Average line utilization was approximately 46% for the current and prior year quarters, respectively, compared to 42% for the linked quarter. Asset Quality The following table presents the categories of nonperforming assets and related ratios for the most recent five quarters: At ($ in thousands) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Nonperforming loans* $ 105,807 $ 109,882 $ 42,687 $ 28,376 $ 39,384 Other1 8,221 3,271 3,955 4,516 8,746 Nonperforming assets* $ 114,028 $ 113,153 $ 46,642 $ 32,892 $ 48,130 Nonperforming loans to total loans 0.93 % 0.97 % 0.38 % 0.26 % 0.36 % Nonperforming assets to total assets 0.71 % 0.72 % 0.30 % 0.22 % 0.33 % Allowance for credit losses $ 145,133 $ 142,944 $ 137,950 $ 139,778 $ 139,464 Allowance for credit losses to total loans 1.27 % 1.27 % 1.23 % 1.26 % 1.27 % Allowance for credit losses to nonperforming loans* 137.2 % 130.1 % 323.2 % 492.6 % 354.1 % Quarterly net charge-offs (recoveries) $ 630 $ (1,059 ) $ 7,131 $ 3,850 $ 605 *Guaranteed balances excluded $ 26,536 $ 22,607 $ 21,974 $ 11,899 $ 12,933 1OREO and repossessed assets Nonperforming assets increased $0.9 million and $65.9 million from the linked and prior year quarters, respectively. During the quarter, certain nonperforming loans migrated to OREO and repossessed assets. The OREO balance at June 30, 2025 includes four properties, one of which has an SBA guarantee of $3.0 million. The increase in nonperforming assets from the prior year quarter is primarily related to seven commercial real estate loans totaling $68.4 million to two commercial banking relationships in Southern California that share common managing general partners. Litigation resulting from a business dispute between the general/managing partner and certain limited partners resulted in all seven of the borrowing entities filing bankruptcy in the first quarter of 2025. The Company expects to collect the full balance of these loans. The provision for credit losses totaled $3.5 million in the second quarter 2025, compared to $5.2 million and $4.8 million in the linked and prior year quarters, respectively. The provision for credit losses in the second quarter 2025 was primarily related to loan growth and changes in the economic forecast that influences projected future losses in the allowance calculation. The provision for credit losses in the second quarter 2025 benefited from $3.2 million in recoveries. Annualized net charge-offs totaled two basis points of average loans in the current and prior year quarters, compared to annualized net recoveries of four basis points in the linked quarter. Deposits The following table presents deposits broken out by type for the most recent five quarters: At ($ in thousands) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Noninterest-bearing demand accounts $ 4,322,332 $ 4,285,061 $ 4,484,072 $ 3,934,245 $ 3,928,308 Interest-bearing demand accounts 3,184,670 3,193,903 3,175,292 3,048,981 2,951,899 Money market and savings accounts 4,209,032 4,167,375 4,117,524 4,121,543 4,039,626 Brokered certificates of deposit 752,422 542,172 484,588 480,934 494,870 Other certificates of deposit 848,903 845,719 885,016 879,619 867,680 Total deposit portfolio $ 13,317,359 $ 13,034,230 $ 13,146,492 $ 12,465,322 $ 12,282,383 Noninterest-bearing deposits to total deposits 32.5 % 32.9 % 34.1 % 31.6 % 32.0 % Quarterly cost of deposits 1.82 % 1.83 % 2.00 % 2.18 % 2.16 % Total deposits at June 30, 2025 were $13.3 billion, an increase of $283.1 million and $1.0 billion from the linked and prior year quarters, respectively. Excluding brokered certificates of deposits, total deposits increased $72.9 million and $777.4 million from the linked and prior year quarters, respectively. Reciprocal deposits, which are placed through third party programs to provide FDIC insurance on larger deposit relationships, totaled $1.4 billion at June 30, 2025, compared to $1.3 billion at March 31, 2025. Noninterest Income The following table presents a comparative summary of the major components of noninterest income for the periods indicated: Linked quarter comparison Prior year comparison Quarter ended Quarter ended ($ in thousands) June 30, 2025 March 31, 2025 Increase (decrease) June 30, 2024 Increase (decrease) Deposit service charges $ 4,940 $ 4,420 $ 520 12 % $ 4,542 $ 398 9 % Wealth management revenue 2,584 2,659 (75 ) (3 )% 2,590 (6 ) — % Card services revenue 2,444 2,395 49 2 % 2,497 (53 ) (2 )% Tax credit income 2,207 2,610 (403 ) (15 )% 1,874 333 18 % Other income 8,429 6,399 2,030 32 % 3,991 4,438 111 % Total noninterest income $ 20,604 $ 18,483 $ 2,121 11 % $ 15,494 $ 5,110 33 % Total noninterest income was $20.6 million for the second quarter 2025, an increase of $2.1 million and $5.1 million from the linked and prior year quarters, respectively. The increase from the linked and prior year quarters was primarily due to higher deposit service charges and other income, which is discussed further below. The following table presents a comparative summary of the major components of other income for the periods indicated: Linked quarter comparison Prior year comparison Quarter ended Quarter ended ($ in thousands) June 30, 2025 March 31, 2025 Increase (decrease) June 30, 2024 Increase (decrease) BOLI $ 2,561 $ 871 $ 1,690 194 % $ 855 $ 1,706 200 % Community development investments 1,426 707 719 102 % 381 1,045 274 % Gain on SBA loan sales 1,153 1,895 (742 ) (39 )% — 1,153 — % Gain on sales of other real estate owned 56 23 33 143 % — 56 100 % Private equity fund distributions 502 653 (151 ) (23 )% 411 91 22 % Servicing fees 485 555 (70 ) (13 )% 594 (109 ) (18 )% Swap fees 86 (2 ) 88 (4,400 )% 217 (131 ) (60 )% Miscellaneous income 2,160 1,697 463 27 % 1,533 627 41 % Total other income $ 8,429 $ 6,399 $ 2,030 32 % $ 3,991 $ 4,438 111 % The increase in other income from the linked and prior year quarters was primarily driven by an increase in BOLI income, as well as community development investment income. The increase in BOLI income was primarily due to the purchase of additional policies in the first quarter 2025 and, to a lesser extent, the payout of a policy in the second quarter of 2025. Community development investment income is not a consistent source of income and fluctuates based on distributions from the underlying funds. On a periodic basis, the Company will opportunistically sell SBA guaranteed loans. Loan sales were executed in the current and linked quarters, while no loans were sold in the prior year quarter. Noninterest Expense The following table presents a comparative summary of the major components of noninterest expense for the periods indicated: Linked quarter comparison Prior year comparison Quarter ended Quarter ended ($ in thousands) June 30, 2025 March 31, 2025 Increase (decrease) June 30, 2024 Increase (decrease) Employee compensation and benefits $ 50,164 $ 48,208 $ 1,956 4 % $ 44,524 $ 5,640 13 % Deposit costs 24,765 23,823 942 4 % 21,706 3,059 14 % Occupancy 5,065 4,430 635 14 % 4,197 868 21 % Core conversion expense — — — 100 % 1,250 (1,250 ) (100 )% Acquisition costs 518 — 518 100 % — 518 100 % Other expense 25,190 23,322 1,868 8 % 22,340 2,850 13 % Total noninterest expense $ 105,702 $ 99,783 $ 5,919 6 % $ 94,017 $ 11,685 12 % Employee compensation and benefits increased $2.0 million from the linked quarter primarily due to a full quarter of merit increases that were effective on March 1, 2025, an increase in variable compensation and the number of working days in the quarter. Deposit costs relate to certain businesses in the deposit verticals that receive an earnings credit allowance for deposit related expenses that are impacted by interest rates and average balances. Deposit costs increased $0.9 million from the linked quarter primarily due to an increase of $62.1 million in average deposit vertical balances from the linked quarter. Acquisition costs relate to the previously announced branch acquisition that is expected to close in the fourth quarter 2025. Loan and legal expenses, included in other expense, increased $1.1 million during the quarter due to loan workouts and the foreclosure of certain properties related to nonperforming loans. The increase in noninterest expense of $11.7 million from the prior year quarter was primarily due to an increase in the associate base, merit increases throughout 2024 and 2025, and an increase in deposit costs due to higher earnings credit allowances and deposit vertical average balances, partially offset by a decline in core conversion expenses due to the completion of the core implementation in the fourth quarter 2024. For the second quarter 2025, the core efficiency ratio4 was 59.3%, compared to 58.8% for the linked quarter and 58.1% for the prior year quarter. ____________________ 4 Core efficiency ratio is a non-GAAP measure. Refer to discussion and reconciliation of this measure in the accompanying financial tables. Income Taxes The effective tax rate was 20.0%, compared to 18.1% and 20.5% in the linked and prior year quarters, respectively. The Company continues to leverage tax credit opportunities as part of its overall tax planning strategy that contributes to a lower effective tax rate. Capital The following table presents total equity and various capital ratios for the most recent five quarters: At ($ in thousands) June 30, 2025* March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Stockholders’ equity $ 1,922,899 $ 1,868,073 $ 1,824,002 $ 1,832,011 $ 1,755,273 Total risk-based capital to risk-weighted assets 14.7 % 14.7 % 14.6 % 14.8 % 14.6 % Tier 1 capital to risk weighted assets 13.2 % 13.1 % 13.1 % 13.2 % 13.0 % Common equity tier 1 capital to risk-weighted assets 11.9 % 11.8 % 11.8 % 11.9 % 11.7 % Leverage ratio 11.1 % 11.0 % 11.1 % 11.2 % 11.1 % Tangible common equity to tangible assets 9.42 % 9.30 % 9.05 % 9.50 % 9.18 % *Capital ratios for the current quarter are preliminary and subject to, among other things, completion and filing of the Company’s regulatory reports and ongoing regulatory review. Total equity was $1.9 billion at June 30, 2025, an increase of $54.8 million from the linked quarter. Tangible book value per common share was $40.02 at June 30, 2025, compared to $38.54 and $35.02 at March 31, 2025 and June 30, 2024, respectively. The Company’s regulatory capital ratios continue to exceed the “well-capitalized” regulatory benchmark. Capital ratios for the current quarter are subject to, among other things, completion and filing of the Company’s regulatory reports and ongoing regulatory review. Use of Non-GAAP Financial Measures The Company’s accounting and reporting policies conform to generally accepted accounting principles in the United States (“GAAP”) and the prevailing practices in the banking industry. However, the Company provides other financial measures, such as tangible common equity, PPNR, ROATCE, core efficiency ratio, the tangible common equity to tangible assets ratio, tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities, tangible book value per common share, return on average common equity, allowance for credit losses to total loans excluding guaranteed loans, adjusted ROAA and adjusted diluted earnings per share, in this release that are considered “non-GAAP financial measures.” Generally, a non-GAAP financial measure is a numerical measure of a company’s financial performance, financial position, or cash flows that exclude (or include) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP. The Company considers its tangible common equity, PPNR, ROATCE, core efficiency ratio, the tangible common equity to tangible assets ratio, tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities, tangible book value per common share, return on average common equity, allowance for credit losses to total loans excluding guaranteed loans, adjusted ROAA and adjusted diluted earnings per share, collectively “core performance measures,” presented in this earnings release and the included tables as important measures of financial performance, even though they are non-GAAP measures, as they provide supplemental information by which to evaluate the impact of certain non-comparable items, and the Company’s operating performance on an ongoing basis. Core performance measures exclude certain other income and expense items, such as the FDIC special assessment, core conversion expenses, acquisition costs, and the gain or loss on sale of other real estate owned and investment securities, that the Company believes to be not indicative of or useful to measure the Company’s operating performance on an ongoing basis. The attached tables contain a reconciliation of these core performance measures to the GAAP measures. The Company believes that the tangible common equity to tangible assets ratio provides useful information to investors about the Company’s capital strength even though it is considered to be a non-GAAP financial measure and is not part of the regulatory capital requirements to which the Company is subject. The Company believes these non-GAAP measures and ratios, when taken together with the corresponding GAAP measures and ratios, provide meaningful supplemental information regarding the Company’s performance and capital strength. The Company’s management uses, and believes that investors benefit from referring to, these non-GAAP measures and ratios in assessing the Company’s operating results and related trends and when forecasting future periods. However, these non-GAAP measures and ratios should be considered in addition to, and not as a substitute for or preferable to, ratios prepared in accordance with GAAP. In the attached tables, the Company has provided a reconciliation of, where applicable, the most comparable GAAP financial measures and ratios to the non-GAAP financial measures and ratios, or a reconciliation of the non-GAAP calculation of the financial measures for the periods indicated. Conference Call and Webcast Information The Company will host a conference call and webcast at 10:00 a.m. Central Time on Tuesday, July 29, 2025. During the call, management will review the second quarter 2025 results and related matters. This press release as well as a related slide presentation will be accessible via the “Investor Relations” page of the Company’s website, https://investor.enterprisebank.com/events-and-presentations, prior to the scheduled broadcast of the conference call. The call can be accessed via this same website page, or via telephone at 1-800-715-9871. After connecting, you may say the name of the conference or enter the Conference ID 87261. We encourage participants to pre-register for the conference call using the following link: https://bit.ly/EFSC2Q2025EarningsCallRegistration. Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time. A recorded replay of the conference call will be available on the website after the call’s completion. The replay will be available for at least two weeks following the conference call. About Enterprise Financial Services Corp Enterprise Financial Services Corp (Nasdaq: EFSC), with approximately $16.1 billion in assets, is a financial holding company headquartered in Clayton, Missouri. Enterprise Bank & Trust, a Missouri state-chartered trust company with banking powers and a wholly-owned subsidiary of EFSC, operates branch offices in Arizona, California, Florida, Kansas, Missouri, Nevada, and New Mexico, and SBA loan and deposit production offices throughout the country. Enterprise Bank & Trust offers a range of business and personal banking services and wealth management services. Enterprise Trust, a division of Enterprise Bank & Trust, provides financial planning, estate planning, investment management and trust services to businesses, individuals, institutions, retirement plans and non-profit organizations. Additional information is available at www.enterprisebank.com. Enterprise Financial Services Corp’s common stock is traded on the Nasdaq Stock Market under the symbol “EFSC.” Please visit our website at www.enterprisebank.com to see our regularly posted material information. Forward-looking Statements Readers should note that, in addition to the historical information contained herein, this press release contains “forward-looking statements” within the meaning of, and intended to be covered by, the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company including, without limitation, plans, strategies and goals, and statements about the Company’s expectations regarding revenue and asset growth, financial performance and profitability, loan and deposit growth, liquidity, yields and returns, loan diversification and credit management, stockholder value creation and the impact of acquisitions. Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “pro forma,” “pipeline” and other similar words and expressions. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in the forward-looking statements and future results could differ materially from historical performance. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation: the Company’s ability to efficiently integrate acquisitions into its operations, retain the customers of these businesses and grow the acquired operations, as well as credit risk, changes in the appraised valuation of real estate securing impaired loans, outcomes of litigation and other contingencies, exposure to general and local economic and market conditions, high unemployment rates, higher inflation and its impacts (including U.S. federal government measures to address higher inflation), impacts of trade and tariff policies, U.S. fiscal debt, budget and tax matters, and any slowdown in global economic growth, risks associated with rapid increases or decreases in prevailing interest rates, our ability to attract and retain deposits and access to other sources of liquidity, consolidation in the banking industry, competition from banks and other financial institutions, the Company’s ability to attract and retain relationship officers and other key personnel, burdens imposed by federal and state regulation, changes in legislative or regulatory requirements, as well as current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including rules and regulations relating to bank products and financial services, changes in accounting policies and practices or accounting standards, natural disasters (such as wildfires and earthquakes), terrorist activities, war and geopolitical matters (including the war in Israel and potential for a broader regional conflict and the war in Ukraine and the imposition of additional sanctions and export controls in connection therewith), or pandemics, and their effects on economic and business environments in which we operate, including the related disruption to the financial market and other economic activity, and those factors and risks referenced from time to time in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and the Company’s other filings with the SEC. The Company cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Company’s results. For any forward-looking statements made in this press release or in any documents, EFSC claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on any forward-looking statements. Except to the extent required by applicable law or regulation, EFSC disclaims any obligation to revise or publicly release any revision or update to any of the forward-looking statements included herein to reflect events or circumstances that occur after the date on which such statements were made. ENTERPRISE FINANCIAL SERVICES CORP CONSOLIDATED FINANCIAL SUMMARY (unaudited) Quarter ended Six months ended (in thousands, except per share data) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Jun 30, 2025 Jun 30, 2024 EARNINGS SUMMARY Net interest income $ 152,762 $ 147,516 $ 146,370 $ 143,469 $ 140,529 $ 300,278 $ 278,257 Provision for credit losses 3,470 5,184 6,834 4,099 4,819 8,654 10,575 Noninterest income 20,604 18,483 20,631 21,420 15,494 39,087 27,652 Noninterest expense 105,702 99,783 99,522 98,007 94,017 205,485 187,518 Income before income tax expense 64,194 61,032 60,645 62,783 57,187 125,226 107,816 Income tax expense 12,810 11,071 11,811 12,198 11,741 23,881 21,969 Net income 51,384 49,961 48,834 50,585 45,446 101,345 85,847 Preferred stock dividends 937 938 937 938 937 1,875 1,875 Net income available to common stockholders $ 50,447 $ 49,023 $ 47,897 $ 49,647 $ 44,509 $ 99,470 $ 83,972 Diluted earnings per common share $ 1.36 $ 1.31 $ 1.28 $ 1.32 $ 1.19 $ 2.67 $ 2.24 Adjusted diluted earnings per common share1 1.37 1.31 1.32 1.29 1.21 2.68 2.28 Return on average assets 1.30 % 1.30 % 1.27 % 1.36 % 1.25 % 1.30 % 1.18 % Adjusted return on average assets1 1.31 % 1.29 % 1.31 % 1.32 % 1.27 % 1.30 % 1.21 % Return on average common equity1 11.03 % 11.10 % 10.75 % 11.40 % 10.68 % 11.07 % 10.10 % Adjusted return on average common equity1 11.12 % 11.08 % 11.08 % 11.09 % 10.90 % 11.10 % 10.30 % ROATCE1 13.84 % 14.02 % 13.63 % 14.55 % 13.77 % 13.93 % 13.04 % Adjusted ROATCE1 13.96 % 13.99 % 14.05 % 14.16 % 14.06 % 13.97 % 13.30 % Net interest margin (tax equivalent) 4.21 % 4.15 % 4.13 % 4.17 % 4.19 % 4.18 % 4.16 % Efficiency ratio 60.97 % 60.11 % 59.59 % 59.44 % 60.26 % 60.55 % 61.30 % Core efficiency ratio1 59.32 % 58.77 % 57.11 % 58.42 % 58.09 % 59.05 % 59.13 % Assets $ 16,076,299 $ 15,676,594 $ 15,596,431 $ 14,954,125 $ 14,615,666 Average assets $ 15,859,721 $ 15,642,999 $ 15,309,577 $ 14,849,455 $ 14,646,381 $ 15,751,959 $ 14,601,250 Period end common shares outstanding 36,950 36,928 36,988 37,184 37,344 Dividends per common share $ 0.30 $ 0.29 $ 0.28 $ 0.27 $ 0.26 $ 0.59 $ 0.51 Tangible book value per common share1 $ 40.02 $ 38.54 $ 37.27 $ 37.26 $ 35.02 Tangible common equity to tangible assets1 9.42 % 9.30 % 9.05 % 9.50 % 9.18 % Total risk-based capital to risk-weighted assets2 14.7 % 14.7 % 14.6 % 14.8 % 14.6 % 1 Refer to Reconciliations of Non-GAAP Financial Measures tables for a reconciliation of these measures to GAAP. 2 Capital ratios for the current quarter are preliminary and subject to, among other things, completion and filing of the Company’s regulatory reports and ongoing regulatory review. ENTERPRISE FINANCIAL SERVICES CORP CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued) Quarter ended Six months ended (in thousands, except per share data) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Jun 30, 2025 Jun 30, 2024 INCOME STATEMENTS NET INTEREST INCOME Interest income $ 218,967 $ 211,780 $ 215,380 $ 216,304 $ 211,644 $ 430,747 $ 419,367 Interest expense 66,205 64,264 69,010 72,835 71,115 130,469 141,110 Net interest income 152,762 147,516 146,370 143,469 140,529 300,278 278,257 Provision for credit losses 3,470 5,184 6,834 4,099 4,819 8,654 10,575 Net interest income after provision for credit losses 149,292 142,332 139,536 139,370 135,710 291,624 267,682 NONINTEREST INCOME Deposit service charges 4,940 4,420 4,730 4,649 4,542 9,360 8,965 Wealth management revenue 2,584 2,659 2,719 2,599 2,590 5,243 5,134 Card services revenue 2,444 2,395 2,484 2,573 2,497 4,839 4,909 Tax credit income (loss) 2,207 2,610 6,018 3,252 1,874 4,817 (316 ) Other income 8,429 6,399 4,680 8,347 3,991 14,828 8,960 Total noninterest income 20,604 18,483 20,631 21,420 15,494 39,087 27,652 NONINTEREST EXPENSE Employee compensation and benefits 50,164 48,208 46,168 45,359 44,524 98,372 89,786 Deposit costs 24,765 23,823 22,881 23,781 21,706 48,588 41,983 Occupancy 5,065 4,430 4,336 4,372 4,197 9,495 8,523 FDIC special assessment — — — — — — 625 Core conversion expense — — 1,893 1,375 1,250 — 1,600 Acquisition costs 518 — — — — 518 — Other expense 25,190 23,322 24,244 23,120 22,340 48,512 45,001 Total noninterest expense 105,702 99,783 99,522 98,007 94,017 205,485 187,518 Income before income tax expense 64,194 61,032 60,645 62,783 57,187 125,226 107,816 Income tax expense 12,810 11,071 11,811 12,198 11,741 23,881 21,969 Net income $ 51,384 $ 49,961 $ 48,834 $ 50,585 $ 45,446 $ 101,345 $ 85,847 Preferred stock dividends 937 938 937 938 937 1,875 1,875 Net income available to common stockholders $ 50,447 $ 49,023 $ 47,897 $ 49,647 $ 44,509 $ 99,470 $ 83,972 Basic earnings per common share $ 1.36 $ 1.33 $ 1.29 $ 1.33 $ 1.19 $ 2.69 $ 2.24 Diluted earnings per common share $ 1.36 $ 1.31 $ 1.28 $ 1.32 $ 1.19 $ 2.67 $ 2.24 ENTERPRISE FINANCIAL SERVICES CORP CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued) At ($ in thousands) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 BALANCE SHEET ASSETS Cash and due from banks $ 252,817 $ 260,280 $ 270,975 $ 210,984 $ 176,698 Interest-earning deposits 239,602 222,780 495,076 218,919 219,342 Debt and equity investments 3,384,347 3,108,763 2,863,989 2,714,194 2,460,549 Loans held for sale 586 — 110 304 606 Loans 11,408,840 11,298,763 11,220,355 11,079,892 11,000,007 Allowance for credit losses (145,133 ) (142,944 ) (137,950 ) (139,778 ) (139,464 ) Total loans, net 11,263,707 11,155,819 11,082,405 10,940,114 10,860,543 Fixed assets, net 48,639 48,083 45,009 44,368 44,831 Goodwill 365,164 365,164 365,164 365,164 365,164 Intangible assets, net 6,876 7,628 8,484 9,400 10,327 Other assets 514,561 508,077 465,219 450,678 477,606 Total assets $ 16,076,299 $ 15,676,594 $ 15,596,431 $ 14,954,125 $ 14,615,666 LIABILITIES AND STOCKHOLDERS’ EQUITY Noninterest-bearing deposits $ 4,322,332 $ 4,285,061 $ 4,484,072 $ 3,934,245 $ 3,928,308 Interest-bearing deposits 8,995,027 8,749,169 8,662,420 8,531,077 8,354,075 Total deposits 13,317,359 13,034,230 13,146,492 12,465,322 12,282,383 Subordinated debentures and notes 156,796 156,695 156,551 156,407 156,265 FHLB advances 294,000 205,000 — 150,000 78,000 Other borrowings 210,641 255,635 280,821 170,815 178,269 Other liabilities 174,604 156,961 188,565 179,570 165,476 Total liabilities 14,153,400 13,808,521 13,772,429 13,122,114 12,860,393 Stockholders’ equity: Preferred stock 71,988 71,988 71,988 71,988 71,988 Common stock 369 369 370 372 373 Additional paid-in capital 991,663 988,554 990,733 992,642 994,116 Retained earnings 947,864 908,553 877,629 845,844 810,935 Accumulated other comprehensive loss (88,985 ) (101,391 ) (116,718 ) (78,835 ) (122,139 ) Total stockholders’ equity 1,922,899 1,868,073 1,824,002 1,832,011 1,755,273 Total liabilities and stockholders’ equity $ 16,076,299 $ 15,676,594 $ 15,596,431 $ 14,954,125 $ 14,615,666 ENTERPRISE FINANCIAL SERVICES CORP CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued) Six months ended June 30, 2025 June 30, 2024 ($ in thousands) Average Balance Interest Income/ Expense Average Yield/ Rate Average Balance Interest Income/ Expense Average Yield/ Rate AVERAGE BALANCE SHEET ASSETS Interest-earning assets: Loans1, 2 $ 11,299,832 $ 370,046 6.60 % $ 10,945,211 $ 376,049 6.91 % Securities2 3,040,563 57,422 3.81 2,398,545 39,447 3.31 Interest-earning deposits 396,986 8,492 4.31 296,759 7,958 5.39 Total interest-earning assets 14,737,381 435,960 5.97 13,640,515 423,454 6.24 Noninterest-earning assets 1,014,578 960,735 Total assets $ 15,751,959 $ 14,601,250 LIABILITIES AND STOCKHOLDERS’ EQUITY Interest-bearing liabilities: Interest-bearing demand accounts $ 3,196,680 $ 34,209 2.16 % $ 2,937,551 $ 37,413 2.56 % Money market accounts 3,630,955 56,941 3.16 3,418,257 63,283 3.72 Savings accounts 533,629 372 0.14 580,115 637 0.22 Certificates of deposit 1,430,917 27,723 3.91 1,377,126 29,514 4.31 Total interest-bearing deposits 8,792,181 119,245 2.74 8,313,049 130,847 3.17 Subordinated debentures and notes 156,684 5,299 6.82 156,117 5,168 6.66 FHLB advances 91,448 2,088 4.60 57,049 1,590 5.60 Securities sold under agreements to repurchase 238,058 3,609 3.06 181,933 3,205 3.54 Other borrowings 36,205 228 1.27 39,470 300 1.53 Total interest-bearing liabilities 9,314,576 130,469 2.82 8,747,618 141,110 3.24 Noninterest-bearing liabilities: Demand deposits 4,401,504 3,949,429 Other liabilities 151,080 160,734 Total liabilities 13,867,160 12,857,781 Stockholders' equity 1,884,799 1,743,469 Total liabilities and stockholders' equity $ 15,751,959 $ 14,601,250 Total net interest income $ 305,491 $ 282,344 Net interest margin 4.18 % 4.16 % 1 Average balances include nonaccrual loans. Interest income includes net loan fees of $3.4 million and $4.6 million for the six months ended June 30, 2025 and June 30, 2024, respectively. 2 Non-taxable income is presented on a fully tax-equivalent basis using a tax rate of approximately 25%. The tax-equivalent adjustments were $5.2 million and $4.1 million for the six months ended June 30, 2025 and June 30, 2024, respectively. ENTERPRISE FINANCIAL SERVICES CORP CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued) At or for the quarter ended ($ in thousands) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 LOAN PORTFOLIO Commercial and industrial $ 4,870,268 $ 4,729,707 $ 4,716,689 $ 4,628,488 $ 4,619,448 Commercial real estate 5,074,100 5,046,293 4,974,787 4,915,176 4,856,751 Construction real estate 844,497 880,708 891,059 896,325 893,672 Residential real estate 364,281 366,353 359,263 355,279 351,934 Other 255,694 275,702 278,557 284,624 278,202 Total loans $ 11,408,840 $ 11,298,763 $ 11,220,355 $ 11,079,892 $ 11,000,007 DEPOSIT PORTFOLIO Noninterest-bearing demand accounts $ 4,322,332 $ 4,285,061 $ 4,484,072 $ 3,934,245 $ 3,928,308 Interest-bearing demand accounts 3,184,670 3,193,903 3,175,292 3,048,981 2,951,899 Money market and savings accounts 4,209,032 4,167,375 4,117,524 4,121,543 4,039,626 Brokered certificates of deposit 752,422 542,172 484,588 480,934 494,870 Other certificates of deposit 848,903 845,719 885,016 879,619 867,680 Total deposits $ 13,317,359 $ 13,034,230 $ 13,146,492 $ 12,465,322 $ 12,282,383 AVERAGE BALANCES Loans $ 11,358,209 $ 11,240,806 $ 11,100,112 $ 10,971,575 $ 10,962,488 Securities 3,149,010 2,930,912 2,748,063 2,503,124 2,396,519 Interest-earning assets 14,822,957 14,650,854 14,323,053 13,877,631 13,684,459 Assets 15,859,721 15,642,999 15,309,577 14,849,455 14,646,381 Deposits 13,245,241 13,141,556 12,958,156 12,546,086 12,344,253 Stockholders’ equity 1,906,089 1,863,272 1,844,509 1,804,369 1,748,240 Tangible common equity1 1,461,700 1,418,094 1,398,427 1,357,362 1,300,305 YIELDS (tax equivalent) Loans 6.64 % 6.57 % 6.73 % 6.95 % 6.95 % Securities 3.86 3.75 3.51 3.40 3.35 Interest-earning assets 6.00 5.93 6.05 6.26 6.28 Interest-bearing deposits 2.70 2.77 2.96 3.22 3.19 Deposits 1.82 1.83 2.00 2.18 2.16 Subordinated debentures and notes 7.00 6.63 6.70 6.86 6.91 FHLB advances and other borrowed funds 3.48 3.01 2.81 3.01 3.52 Interest-bearing liabilities 2.81 2.84 3.02 3.28 3.26 Net interest margin 4.21 4.15 4.13 4.17 4.19 1 Refer to Reconciliations of Non-GAAP Financial Measures tables for a reconciliation of these measures to GAAP. ENTERPRISE FINANCIAL SERVICES CORP CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued) Quarter ended (in thousands, except per share data) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 ASSET QUALITY Net charge-offs (recoveries) $ 630 $ (1,059 ) $ 7,131 $ 3,850 $ 605 Nonperforming loans 105,807 109,882 42,687 28,376 39,384 Classified assets 281,162 264,460 193,838 179,883 169,822 Nonperforming loans to total loans 0.93 % 0.97 % 0.38 % 0.26 % 0.36 % Nonperforming assets to total assets 0.71 % 0.72 % 0.30 % 0.22 % 0.33 % Allowance for credit losses to total loans 1.27 % 1.27 % 1.23 % 1.26 % 1.27 % Allowance for credit losses to total loans, excluding guaranteed loans1 1.38 % 1.38 % 1.34 % 1.38 % 1.38 % Allowance for credit losses to nonperforming loans 137.2 % 130.1 % 323.2 % 492.6 % 354.1 % Net charge-offs (recoveries) to average loans -annualized 0.02 % (0.04 )% 0.26 % 0.14 % 0.02 % WEALTH MANAGEMENT Trust assets under management $ 2,457,471 $ 2,250,004 $ 2,412,471 $ 2,499,807 $ 2,367,409 SHARE DATA Book value per common share $ 50.09 $ 48.64 $ 47.37 $ 47.33 $ 45.08 Tangible book value per common share1 $ 40.02 $ 38.54 $ 37.27 $ 37.26 $ 35.02 Market value per share $ 55.10 $ 53.74 $ 56.40 $ 51.26 $ 40.91 Period end common shares outstanding 36,950 36,928 36,988 37,184 37,344 Average basic common shares 36,963 36,971 37,118 37,337 37,485 Average diluted common shares 37,172 37,287 37,447 37,483 37,540 CAPITAL Total risk-based capital to risk-weighted assets2 14.7 % 14.7 % 14.6 % 14.8 % 14.6 % Tier 1 capital to risk-weighted assets2 13.2 % 13.1 % 13.1 % 13.2 % 13.0 % Common equity tier 1 capital to risk-weighted assets2 11.9 % 11.8 % 11.8 % 11.9 % 11.7 % Tangible common equity to tangible assets1 9.42 % 9.30 % 9.05 % 9.50 % 9.18 % 1 Refer to Reconciliations of Non-GAAP Financial Measures tables for a reconciliation of these measures to GAAP. 2 Capital ratios for the current quarter are preliminary and subject to, among other things, completion and filing of the Company’s regulatory reports and ongoing regulatory review. ENTERPRISE FINANCIAL SERVICES CORP RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Quarter ended Six months ended ($ in thousands) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Jun 30, 2025 Jun 30, 2024 CORE EFFICIENCY RATIO Net interest income (GAAP) $ 152,762 $ 147,516 $ 146,370 $ 143,469 $ 140,529 $ 300,278 $ 278,257 Tax-equivalent adjustment 2,738 2,475 2,272 2,086 2,047 5,213 4,087 Noninterest income (GAAP) 20,604 18,483 20,631 21,420 15,494 39,087 27,652 Less gain on sale of investment securities — 106 — — — 106 — Less gain (loss) on sale of other real estate owned 56 23 (68 ) 3,159 — 79 (2 ) Core revenue (non-GAAP) 176,048 168,345 169,341 163,816 158,070 344,393 309,998 Noninterest expense (GAAP) 105,702 99,783 99,522 98,007 94,017 205,485 187,518 Less FDIC special assessment — — — — — — 625 Less core conversion expense — — 1,893 1,375 1,250 — 1,600 Less amortization on intangibles 753 855 916 927 944 1,608 1,991 Less acquisition costs 518 — — — — 518 — Core noninterest expense (non-GAAP) $ 104,431 $ 98,928 $ 96,713 $ 95,705 $ 91,823 $ 203,359 $ 183,302 Core efficiency ratio (non-GAAP) 59.32 % 58.77 % 57.11 % 58.42 % 58.09 % 59.05 % 59.13 % Quarter ended (in thousands, except per share data) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 TANGIBLE COMMON EQUITY, TANGIBLE BOOK VALUE PER COMMON SHARE AND TANGIBLE COMMON EQUITY RATIO TO TANGIBLE ASSETS Stockholders’ equity (GAAP) $ 1,922,899 $ 1,868,073 $ 1,824,002 $ 1,832,011 $ 1,755,273 Less preferred stock 71,988 71,988 71,988 71,988 71,988 Less goodwill 365,164 365,164 365,164 365,164 365,164 Less intangible assets 6,876 7,628 8,484 9,400 10,327 Tangible common equity (non-GAAP) $ 1,478,871 $ 1,423,293 $ 1,378,366 $ 1,385,459 $ 1,307,794 Less net unrealized losses on HTM securities, after tax 56,508 55,819 52,881 34,856 52,220 Tangible common equity adjusted for unrealized losses on HTM securities (non-GAAP) $ 1,422,363 $ 1,367,474 $ 1,325,485 $ 1,350,603 $ 1,255,574 Common shares outstanding 36,950 36,928 36,988 37,184 37,344 Tangible book value per common share (non-GAAP) $ 40.02 $ 38.54 $ 37.27 $ 37.26 $ 35.02 Total assets (GAAP) $ 16,076,299 $ 15,676,594 $ 15,596,431 $ 14,954,125 $ 14,615,666 Less goodwill 365,164 365,164 365,164 365,164 365,164 Less intangible assets 6,876 7,628 8,484 9,400 10,327 Tangible assets (non-GAAP) $ 15,704,259 $ 15,303,802 $ 15,222,783 $ 14,579,561 $ 14,240,175 Tangible common equity to tangible assets (non-GAAP) 9.42 % 9.30 % 9.05 % 9.50 % 9.18 % Tangible common equity to tangible assets adjusted for unrealized losses on HTM securities (non-GAAP) 9.06 % 8.94 % 8.71 % 9.26 % 8.82 % Quarter Ended Six months ended ($ in thousands) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Jun 30, 2025 Jun 30, 2024 RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE), RETURN ON AVERAGE ASSETS (ROAA) AND DILUTED EARNINGS PER SHARE Average stockholder’s equity (GAAP) $ 1,906,089 $ 1,863,272 $ 1,844,509 $ 1,804,369 $ 1,748,240 $ 1,884,799 $ 1,743,469 Less average preferred stock 71,988 71,988 71,988 71,988 71,988 71,988 71,988 Less average goodwill 365,164 365,164 365,164 365,164 365,164 365,164 365,164 Less average intangible assets 7,237 8,026 8,930 9,855 10,783 7,629 11,277 Average tangible common equity (non-GAAP) $ 1,461,700 $ 1,418,094 $ 1,398,427 $ 1,357,362 $ 1,300,305 $ 1,440,018 $ 1,295,040 Net income (GAAP) $ 51,384 $ 49,961 $ 48,834 $ 50,585 $ 45,446 $ 101,345 $ 85,847 FDIC special assessment (after tax) — — — — — — 470 Core conversion expense (after tax) — — 1,424 1,034 940 — 1,203 Acquisition costs (after tax) 462 — — — — 462 — Less gain on sale of investment securities (after tax) — 80 — — — 80 — Less gain (loss) on sales of other real estate owned (after tax) 42 17 (51 ) 2,375 — 59 (1 ) Net income adjusted (non-GAAP) $ 51,804 $ 49,864 $ 50,309 $ 49,244 $ 46,386 $ 101,668 $ 87,521 Less preferred stock dividends 937 938 937 938 937 1,875 1,875 Net income available to common stockholders adjusted (non-GAAP) $ 50,867 $ 48,926 $ 49,372 $ 48,306 $ 45,449 $ 99,793 $ 85,646 Return on average common equity (non-GAAP) 11.03 % 11.10 % 10.75 % 11.40 % 10.68 % 11.07 % 10.10 % Adjusted return on average common equity (non-GAAP) 11.12 % 11.08 % 11.08 % 11.09 % 10.90 % 11.10 % 10.30 % ROATCE (non-GAAP) 13.84 % 14.02 % 13.63 % 14.55 % 13.77 % 13.93 % 13.04 % Adjusted ROATCE (non-GAAP) 13.96 % 13.99 % 14.05 % 14.16 % 14.06 % 13.97 % 13.30 % Average assets $ 15,859,721 $ 15,642,999 $ 15,309,577 $ 14,849,455 $ 14,646,381 $ 15,751,959 $ 14,601,250 Return on average assets (GAAP) 1.30 % 1.30 % 1.27 % 1.36 % 1.25 % 1.30 % 1.18 % Adjusted return on average assets (non-GAAP) 1.31 % 1.29 % 1.31 % 1.32 % 1.27 % 1.30 % 1.21 % Average diluted common shares 37,172 37,287 37,447 37,483 37,540 37,224 37,564 Diluted earnings per share (GAAP) $ 1.36 $ 1.31 $ 1.28 $ 1.32 $ 1.19 $ 2.67 $ 2.24 Adjusted diluted earnings per share (non-GAAP) $ 1.37 $ 1.31 $ 1.32 $ 1.29 $ 1.21 $ 2.68 $ 2.28 Quarter ended ($ in thousands) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 PRE-PROVISION NET REVENUE (PPNR) Net interest income $ 152,762 $ 147,516 $ 146,370 $ 143,469 $ 140,529 Noninterest income 20,604 18,483 20,631 21,420 15,494 Core conversion expense — — 1,893 1,375 1,250 Acquisition costs 518 — — — — Less gain on sale of investment securities — 106 — — — Less gain (loss) on sales of other real estate owned 56 23 (68 ) 3,159 — Less noninterest expense 105,702 99,783 99,522 98,007 94,017 PPNR (non-GAAP) $ 68,126 $ 66,087 $ 69,440 $ 65,098 $ 63,256 At ($ in thousands) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 ALLOWANCE TO LOANS RATIO EXCLUDING GUARANTEED LOANS Loans (GAAP) $ 11,408,840 $ 11,298,763 $ 11,220,355 $ 11,079,892 $ 11,000,007 Less guaranteed loans 913,118 942,651 947,665 928,272 923,794 Adjusted loans (non-GAAP) $ 10,495,722 $ 10,356,112 $ 10,272,690 $ 10,151,620 $ 10,076,213 Allowance for credit losses $ 145,133 $ 142,944 $ 137,950 $ 139,778 $ 139,464 Allowance for credit losses/loans (GAAP) 1.27 % 1.27 % 1.23 % 1.26 % 1.27 % Allowance for credit losses/adjusted loans (non-GAAP) 1.38 % 1.38 % 1.34 % 1.38 % 1.38 % Source: Enterprise Financial Services Corp